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Iraq

METAC’s resources are available to (i) identify and design measures
to strengthen specific aspects of economic and financial management;
(ii) prepare detailed implementation plans based on the diagnostic
work conducted by IMF-Headquarters; (iii) provide policy and technical
advice either by the Center’s resident advisers or by experts from the
IMF roster; (iv) organize hands-on training, seminars, workshops to
allow for peer-to-peer learning and disseminate good practices; (v)
review proposals by governments for consistency with internationally
agreed standards, and (vi) coordinate activities with other technical
assistance providers.

Since 2014, Iraq has been hit by the conflict with the Islamic State
in Iraq and Syria and a slump in oil prices. The oil price decline has
resulted in a massive reduction in fiscal and export revenue, pushing
the fiscal and balance of payments deficits to unsustainable levels. A
Stand-By Arrangement was approved by the IMF Executive Board in July
2016 with access to SDR 3.8 billion to assist the Iraqi authorities in
the current crisis. The program aims to address the urgent balance of
payments need, bring spending in line with lower global oil prices,
and ensure debt sustainability. It also includes measures to
strengthen public financial management, enhance financial sector
stability, protect the poor, and curb corruption. In this context,
METAC helps the authorities strengthen bank regulations, public
financial management, and data, including to meet their commitments
under the Stand-By Arrangement.